Gold price gets the positive momentum – Analysis - 12-02-2024

Gold price fluctuates near the key support 2016.90, noticing that stochastic got rid of its negative momentum to reach the oversold areas, waiting to motivate the price to resume the expected bullish trend for the upcoming period, which targets 2065.70 areas as a next main station.

Breaching 2032.00 will reinforce the expectations to rise after getting rid of the intraday negative pressure that dominated the price recently, taking into consideration that breaking 2016.90 will stop the bullish trend and force the price to achieve more bearish correction that its next target reaches 1977.46.

The expected trading range for today is between 2010.00 support and 2040.00 resistance.

The expected trend for today: Bullish